May 13, 2019
Beginning in 2012 and continuing through 2018, Jason Adkins of Jackson, Ohio defrauded investors by operating a $50 million Ponzi Scheme. He recently plead guilty in the U.S. District Court. Adkins claimed that he bought and sold over-sized tires used on earth moving equipment and mining equipment. Investors were told that their investment would buy tires at a steep discount and would be resold later at a higher rate. Investors were promised returns of up to 20%. According to the plea agreement, however, Adkins solicited millions of dollars from investors through false pretenses, and misappropriated investor funds for his own benefit, including by purchasing properties, buying cars, and taking luxurious vacations. Adkins plead guilty to wire fraud, money laundering, and tax evasion.
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